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Stocks In Focus SG (CapitaLand, GLP, OCBC) – 01/04/14
• CapitaLand has acquired the remaining 40-percent stake in Ascott International Management Japan Co (AIM Japan) for 20 million yen (about $0.3 million). With the purchase, AIM Japan will become a fully-owned subsidiary of CapitaLand. AIM Japan manages serviced residences in Japan.
• Global Logistic Properties (GLP) has leased 21,000 square meters of warehousing space to Sagawa Global Logistics Co, one of Japan’s largest third-party logistics provider, at GLP Hiroshima. With the agreement, GLP Hiroshima is fully leased.
• Oversea-Chinese Banking Corporation’s (OCBC) subsidiary, OCBC Pearl, has made an offer to buy Hong Kong Stock Exchange-listed Wing Hang Bank for HK$38.4 billion (about $6.2 billion) in cash. The proposed acquisition value is approximately 1.8 times Wing Hang’s consolidated net book value as at 31 December 2013. The proposed purchase is part of OCBC’s Greater China strategy.
• Ascendas Hospitality Trust has raised $50 million via a private placement of 73.5 million new stapled securities at $0.68 apiece. The proceeds will be used to partially fund the acquisition of Osaka Namba Washington Hotel Plaza, repay existing debt and general corporate and working capital purposes.
• Charisma Energy Services has won a contract to lease 11 sets of hydro-electric power generation equipment for power supply to a national utility board in South Asia. The contract, worth US$180 million, is expected to commence in 2Q14 for a period of 15 years.
• LionGold Corp has entered into agreements to raise approximately $39.7 million in net proceeds through the issuance of shares and unsecured redeemable convertible bonds. An estimated 70 percent of the net proceeds will be directed towards gold mining operations with the balance used as working capital.
• Pacific Radiance secured a US$100 million contract for the first of its 14 newbuilds scheduled for delivery in FY14. The maintenance work vessel will be chartered to an international oil major for up to seven years, including extensions, for a project in South East Asia.
• SIIC Environment Holdings’ subsidiary, Nanfang Water Co, has disposed its 52-percent stake in Kunming Nanfang Water Co for Rmb14.5 million (approximately $3 million). The sale consideration is about $0.9 million higher than the value of its net assets as at 31 December 2013.
• Swissco Holdings proposed a $285 million acquisition of Scott and English Energy, a company engaged in owning and leasing mobile offshore drilling units and service rigs to support major oil and gas corporations in their exploration and production activities. The proposed purchase, if successful, marks Swissco’s foray into the offshore rig chartering business.
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